Cryptocurrencies aren’t like regular fiat money that can be stored in leader wallets and carried from one place to the other. They are not tangible and storing them requires the use of an intangible wallet. At first, cryptocurrencies were stored in soft wallets. These soft wallets are always accessible through the internet making them vulnerable to attacks. With time, blockchain developers invented hardware wallets for storing cryptocurrency. These wallets can be physically seen and touched. As expected, there has been some innovation to hardware wallets as well.
VaultTel Intellichip Launches Tiny Hardware Wallet
On Tuesday, VaultTel announced that it has launched a tiny cryptocurrency hardware wallet that will fit into sim card slots on regular mobile devices. According to the announcement, the wallet uses biometric authentication and military grade encryption to store cryptocurrencies in Intellichip cards. If you have a dual sim Android device, you can place the wallet in one slot for safe keeping. You can also use it with the dongle accessory on your iPhone device.
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The wallet’s biometric authentication feature ensures that only the owner of the phone can access the wallet and transfer funds when necessary. Part of the press release of the firm was as follows:
“More than that, no spy screen recorder or Trojan can record what is happening on your hardware wallet, as it’s a not using your laptop or system resources.”
The company has already started accepting pre-orders for the wallet. It cost about $131 for the iOS version and $98 for the Android version. The wallet uses advanced encryption standard 512 to store data securely. It doesn’t just restrict the access to a particular device. It also has geolock which restricts access to a particular geographical area.
The company also said that it implemented the latest Bitcoin standards for the product. This includes the Bitcoin Improvement Proposal 39 that allows mnemonic seeds and the Bitcoin Improvement Proposal two for HD wallets. While the product is initially going to be available in the United States and Europe alone, it will eventually be made available in other countries.
Over the last few months using mobile phones as a storage for cryptocurrencies has become rather popular. Apart from the SIM card-sized storage by VaultTel, Samsung is also making plans to release its Galaxy S10 series tomorrow. The phones in the series are allegedly going to come with a cryptocurrency wallet for Ethereum and other ERC-20 tokens. The hardware wallet is going to protect cryptocurrencies making hacking impossible according to sources that have seen the device.
A while ago, Sirin Labs released a blockchain-based phone that was integrated with a hardware cryptocurrency wallet that would also be used to safeguard tokens. Pundi X also recently announced the release of a blockchain and Android phone. The phone allows users to switch from using a blockchain operating system to using an android operating system.
What do you think about the SIM card-sized hardware wallet? Share your thoughts in the comment section.